Bubble economies don't last, and crises bring you back to reality. The truth of both these assertions has become manifest in recent weeks.
The US decline decelerates on the back of public spending.
A friend of Mukesh Ambani should not be petroleum minister
Don't threaten a strike, check your business model
India is the only country which has a negative list incorporated in a trade pact with Asean.
The high numbers are becoming the centre of a political storm.
The challenge is making governments at the Centre and in the states start focusing on the needs of towns and cities
A fiscal deficit of 6.8 per cent of GDP, up from 5.5 per cent postulated in February's Interim Budget, means an additional stimulus of nearly Rs 80,000 crore (Rs 800 billion).
India Inc believes that given the current economic slowdown, it could not have been any better
In 30 days, there have been a flurry of ministerial pronouncements. It does seem that most ministers have taken seriously the prime minister's observation that this time there can be no excuses.
While the civil aviation ministry's activist supervision of the airline's functioning is said to be responsible for much of the mess, the airline management has its own sins to answer for.
As huge declines continue, the govt can do little. Major trade destinations -- the US, UK, Europe and Japan -- are all gripped by severe recession. Other countries in Asia have experienced declines of comparable magnitude.
There is an air of purposiveness about the new government which is heartening.
Government-appointed officers, not below the rank of a joint secretary, will determine the nature of the offence and levy a penalty. But government officers are not judicial officers. Are they qualified to define, for instance, what goes against 'friendly relations with foreign states' and what is 'offensive' content?
It is remarkable that all three states that had assembly elections along with the Lok Sabha polls Andhra Pradesh, Orissa and Sikkim have re-elected the parties that were running their governments till now.
India should welcome the initiative that Mr Obama has taken to attack the tax havens (for they are his real target, not Bangalore), and see what New Delhi can do -- about Mauritius and others.
In dollar terms, exports declined by 33.3 per cent over March 2008, the largest monthly decline yet. For the year as a whole, exports came in at $168.7 billion, significantly short of the original target of $200 billion and also below the revised range of $170-175 billion.
When word gets around that favouritism is de rigueur, it keeps away serious bidders and also ensures that the winners feel they can get away with shortchanging the country.
The warning being issued by many respected economists to governments across the world has been as follows: do not declare victory too soon since the path ahead is a very long one.
The RBI's assessment of the economy, presented as a prelude to the policy announcement, was relatively downbeat. Conceding the persistence of a hostile global environment and domestic weakness, the RBI expects GDP growth during 2009-10 to be 6 per cent. This is slightly higher than the 5.7 per cent that reflects the median of its external forecasters' survey.
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